Bitcoin, Ether, Reject 500 NFT Index Drop; Euro rises amid Credit Suisse’s loans

by James · March 16, 2023

Bitcoin and Ether fell by the end of Asian trading hours on Thursday afternoon, with all 10 non-stablecoin cryptocurrencies also down, except for Binance’s BNB. Discard the 500 NFT index fell along with Asian shares, driven by concerns about the financial health of Swiss investment bank Credit Suisse, which is receiving a CHF 50 billion ($53.9 billion) loan from the country’s central bank.

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Fast facts

Bitcoin rallied 0.98% to US$24,670 in the 24 hours to 16:30 in Hong Kong. Ether fell 2.89% to $1,657, according to CoinMarketCap data.
Binance’s BNB token rose 2.4% to $320.45 as the day’s only gainer among the top 10 cryptocurrencies. Solana’s SOL token lost 8.03% to USD 19.50, the worst performer of the day.
The global cryptocurrency market capitalization shrank by 2.35% to $1.08 trillion in the 24 hours to 16:30 in Hong Kong. Total trading volume for the crypto market fell by 17.82% to $81.68 billion.
The Nasdaq 500 NFT index fell 0.67% on the day to 4,092.47. EGoldMiner was down 13.33% as the worst NFT collection of the day, followed by Wolf Game Farmer which lost 9.84%
Asian shares weakened, mirroring Wall Street’s overnight performance. Japan’s Nikkei 225 fell 0.8%, the Shanghai Composite fell 1.12%, the Shenzhen component fell 1.54%, and Hong Kong’s Hang Seng index retreated 1.72% to its lowest in more than three months.
Investors worried about the financial health of Credit Suisse Group, as the Swiss investment bank’s shares fell to record lows on Wednesday after its largest shareholder, Saudi National Bank, refused to expand its stake.
The euro rose above $1.06 on news that Credit Suisse will get a CHF 50 billion loan from the central bank of Switzerland, giving investors immediate relief.
Investors are eyeing the European Central Bank’s monetary policy decision due later on Thursday. The market’s expectations are divided between an interest rate increase of 50 basis points and 25 basis points.
European shares saw a glimmer of relief on Thursday, as the STOXX 600 rose 0.95% and Germany’s DAX 40 rose 0.92%.
London’s benchmark FTSE 100 recovered from its lowest close in three months yesterday, rising 0.85%, mainly driven by gains in the financials and energy sectors.